JMP Securities Lowers Freshworks (NASDAQ:FRSH) Price Target to $21.00

Freshworks (NASDAQ:FRSH) had its target price decreased by JMP Securities from $29.00 to $21.00 in a research note issued to investors on Thursday morning, Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

A number of other research analysts have also recently commented on FRSH. Oppenheimer cut shares of Freshworks from an outperform rating to a market perform rating in a report on Thursday. Robert W. Baird cut shares of Freshworks from an outperform rating to a neutral rating and decreased their target price for the stock from $28.00 to $16.00 in a research note on Thursday. Jefferies Financial Group upgraded Freshworks from a hold rating to a buy rating and increased their price target for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Piper Sandler reduced their price objective on Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Morgan Stanley dropped their target price on Freshworks from $24.00 to $22.00 and set an equal weight rating for the company in a research report on Wednesday, April 17th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Freshworks has an average rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Trading Down 4.4 %

Shares of Freshworks stock opened at $14.03 on Thursday. The company has a 50 day moving average of $18.29 and a 200-day moving average of $19.99. The company has a market cap of $4.18 billion, a PE ratio of -35.07 and a beta of 0.88. Freshworks has a 1-year low of $12.22 and a 1-year high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The firm had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. Research analysts forecast that Freshworks will post -0.37 earnings per share for the current year.

Insider Activity at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the sale, the director now directly owns 19,490 shares in the company, valued at approximately $423,127.90. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the transaction, the director now owns 88,431 shares in the company, valued at approximately $1,904,803.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $21.71, for a total transaction of $152,729.85. Following the transaction, the director now directly owns 19,490 shares in the company, valued at $423,127.90. The disclosure for this sale can be found here. Insiders have sold a total of 460,792 shares of company stock worth $9,408,403 over the last quarter. Company insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Institutional investors have recently made changes to their positions in the stock. Neo Ivy Capital Management acquired a new stake in shares of Freshworks in the 3rd quarter valued at about $81,000. Quest Partners LLC bought a new position in Freshworks in the fourth quarter worth approximately $166,000. Steph & Co. acquired a new stake in Freshworks in the first quarter valued at approximately $201,000. Jasper Ridge Partners L.P. bought a new stake in shares of Freshworks during the third quarter valued at approximately $217,000. Finally, Northside Capital Management LLC acquired a new position in shares of Freshworks during the fourth quarter worth approximately $226,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

About Freshworks

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.